Volvo Cars announced plans on Oct. 23 to eliminate approximately 2,500 more positions worldwide after its third quarter revenue in China nearly halved and the Swedish automaker swung to a steep operating loss.
Shares of the company, which is controlled by China’s Zhejiang Geely Holding Group, plunged 24.2 percent on the Stockholm stock exchange on Oct. 23, closing at 10.70 Swedish kronor (about $1.08) after touching a record low during trading.
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